World's #1 s/b IEA's #1
archived origin story

Bloomberg | Saudi Arabia Hikes Prices for Asian Oil Sales After OPEC+ Cuts, 5 Apr confirmation

State-owned [sic] Saudi Aramco raised its selling price for flagship Arab Light crude to Asia by 30 cents a barrel, boosting prices for a third consecutive month. Traders who were surveyed before the shock OPEC+ decision had expected Arab Light prices to fall by 43 cents a barrel.

March Saudi Arabia Raises Oil Prices for Asia and Europe for April

[...]
Aramco sells about 60% of its crude shipments to Asia, most of them under long-term contracts, pricing for which is reviewed each month. China, Japan, South Korea[,] and India are the biggest buyers.

Saudi Aramco to invest billions in Chinese petrochemicals, 27 Mar

..."This announcement demonstrates Aramco's long-term commitment to China and belief in the fundamentals of the Chinese petrochemicals sector," Aramco executive vice president Mohammed Al Qahtani said in a statement. "It also promises to secure a reliable supply of essential crude to one of China's most important refiners."...

one year ago Aramoco Rosneft CNPC, where the NEW money is headed

India-China competition, OPEC cuts nudge Urals above price cap, 5 Apr

Russian Urals oil broke through the  $60 per barrel price cap on Wednesday ... three sources involved in Russian oil trade said and Reuters calculations showed.

That means it's working!

Prices in excess of the cap complicate trade for Russia, which has been excluded from the international financing system [SWIFT] by Western sanctions as [seaborne] Urals can only trade in dollars [nope], the currency of international Price Cap Coalition commodity trade, provided it is sold below the $60 limit. Otherwise another currency has to be used.

another currency? That's crazy talk. oh. look. another archive.org subscriber hack

Further price support came from a term agreement signed at the end of March by Russia's largest oil producer Rosneft (ROSN.MM) and India's top refiner Indian Oil Corp (IOC.NS).
[...]
The Urals oil price for a particular deal is normally calculated on the basis of a monthly or several-days average of Brent [?!] differentials. Given current ICE Brent and dated Brent prices, Urals oil cargoes on Wednesday traded slightly above $60 per barrel on a FOB (free on board) basis in Russian western ports, according to Reuters calculations.
[...]

< wipes tears > now do dated Arab Light "discount" SOKOL and ESPO far east ports. Last week, IN wanted a piece of "Power of Siberia".